Philip R. Lane, member of the Executive Board and Chief Economist of the European Central Bank (ECB), said he is pleased to witness the significant progress of the Cypriot economy.

He was speaking after meetings on Wednesday at the start of his two-day visit to Cyprus, following an invitation from the Governor of the Central Bank of Cyprus, Constantinos Herodotou.

A Central Bank press release said Lane met on Wednesday with Governor Herodotou and “discussed Cyprus’ economy, as well as the broader euro area economic outlook.”

Accompanied by the Governor, he later met with the President of the House of Representatives, Annita Demetriou.

Lane’s visit also includes, among other commitments, a lecture at the University of Cyprus, a meeting with the Minister of Finance, Makis Keravnos, and a discussion with the economists of the Central Bank of Cyprus.

In a statement, Lane said he had a “very productive meetings with Governor Herodotou and with the President of the House of Representatives, Ms Annita Demetriou”.

I am pleased, he added, “to witness the significant progress of the Cypriot economy.”

At the same time he underlined “the excellent cooperation that the ECB has with the Central Bank of Cyprus and the valuable contributions of Governor Herodotou at the Governing Council of the ECB.”

Governor Herodotou expressed his appreciation to Lane, stating that his visit highlights the strong relationship between the Central Bank of Cyprus and the ECB.

He also emphasized the importance of the ECB’s role in supporting the economy of Cyprus and the euro area.

“As always, discussions with Mr. Lane are very insightful and productive,” he added.